Amsterdam headquartered Dott, the micro-mobility startup has confirmed securing a $34 million Series A financing from which is being co-led by the existing backers, South African internet giant Naspers and Swedish venture firm EQT Ventures.
Axel Springer Digital Ventures, DN Capital, Felix Capital, FJ Labs, and U-Start Club are also participating in the fundraising to take the total amount raised by the firm to $56.6 million. Prior to this round, the same investors had infused $23 million in December last year. Dott was founded by Henri Moissinac and Maxim Romain in 2018 as a shared electric scooters and bikes platform. The platform has launched "eScooters" and "eBikes" in a number of cities in the European region.
The fresh funds will allow Dott to “accelerate the go-to-market for Dott’s custom-designed new products” along with launching their offerings in new cities. The funds will also go towards the launching of repair workshops. Unlike other firms working in the same segment, Dott doesn't do the aggressive expansion by adding a huge number of bikes or scooters. It is currently operating in Brussels, Paris, Lyon, and Milan where it has around 1,000 to 2,500 scooters.
Maxim Romain, the CEO of the firm commenting on how things have been going said, We’ve shown in the first months that we can offer a true alternative in European cities, taking the lead both in terms of sustainability and best user experience."
Naspers Ventures COO Martin Tschopp commenting on the deal said, “The dense nature of cities in Europe is ideal for e-scooter and e-bike sharing for short commutes — most trips are much more efficiently covered than with a car. Dott has experienced good traction in its first few months of operation and is leading with a local, sustainable and safety-first mindset, which is appealing to Naspers”.
Image Courtesy : sprout